mPIN or Mobile Personalized Identification Number is a unique 4 or 6-digit code used for verification whenever any online transaction is undertaken on payment or banking apps. It authenticates the financial transactions done via mobile banking apps. Consumers use MPINs to log in to their accounts on mobile banking apps and carry out transactions. These MPINs ensure that the original account holder is the one making the transaction, providing an added layer of security.
Let us understand mPIN in detail.

Understanding UPI and its Role in Digital Payments

The Unified Payments Interface (UPI) is a real-time payment system that allows users to transfer funds between two bank accounts on a single mobile platform. It was developed by the National Payments Corporation of India (NPCI) and fueled by the Reserve Bank of India (RBI). UPI has transformed the way we make payments by enabling quick and seamless transactions without the need to visit a bank or wait for hours to add a beneficiary.

With UPI, individuals can make payments anywhere and anytime, as long as they have a UPI app and an internet connection. Businesses also benefit from UPI, as it provides them with quick access to cash without the hassle of physical visits to the bank. UPI has made it even easier for businesses to receive payments.

The Importance of Security in Digital Payments

While the convenience of digital payments is undeniable, it also poses security challenges. With the rise of online transactions, fraudsters, and unauthorized individuals are constantly finding new ways to exploit vulnerabilities in the system. To mitigate these risks, most mobile banking apps and UPI apps have implemented various security measures.

One such security measure is the use of passwords or Personal Identification Numbers (PINs) to authenticate transactions. These PINs serve as a unique code that confirms the identity of the user and safeguards against unauthorized access. In the case of mobile banking apps and UPI apps, one commonly used PIN is the MPIN (Mobile Personal Identification Number).

MPIN & its Significance?

Mobile apps enable online payments through various electronic methods, such as NEFT, RTGS, IMPS, and UPI. While some apps prompt users to create a separate PIN for UPI transactions, others allow UPI payments with the same MPIN used for logging in to the mobile banking app. This indicates that the MPIN is used to authenticate UPI transactions in addition to verifying every mobile banking transaction.

MPIN vs UPI PIN vs ATM PIN: Understanding the Differences

To fully grasp the concept of MPIN, it's important to understand the differences between MPIN, UPI PIN, and ATM PIN. While these terms may sound similar, they serve distinct purposes in the world of digital payments.

MPIN: It allows users to log in to their bank accounts and carry out transactions through the app. MPINs are generally 4 or 6 digits long and should be kept confidential to prevent unauthorized access.

UPI PIN: The UPI PIN is a PIN that specifically authenticates UPI payments. Users can make UPI payments through UPI-enabled apps like BHIM, Amazon Pay, and others by linking their bank accounts. The UPI PIN can be the same as the MPIN or different, depending on the app being used.

ATM PIN: The ATM PIN is the code that users enter at ATMs while using their ATM or debit cards. It ensures that the cardholder is carrying out banking or transactional activities securely.

How to Generate an MPIN: Steps to Follow

To use UPI via a mobile banking app or UPI-enabled application, you first need to download the app to your preferred mobile device. Once downloaded, follow these steps to generate an MPIN:

Using Net Banking: If your bank supports it, you can generate an MPIN through your bank's net banking app. Log in to your net banking app, navigate to the mobile banking section, and choose the option to set up an MPIN.

Using UPI App: If you have a UPI app like Google Pay, Paytm, or PhonePe, you can generate an MPIN through the app itself. Log in to the app using your banking credentials, go to the settings or profile section, and find the option to set an MPIN. Follow the instructions provided by the app to generate your MPIN.

ATM: Some banks also allow customers to generate an MPIN at an ATM. Insert your card into the ATM, enter your card's PIN, and select the option for "Forgot MPIN" or "Change MPIN." Follow the instructions on the screen to generate a new MPIN.

USSD Code: Some banks provide the option to generate an MPIN offline using a USSD code. Dial the designated USSD code from your phone, select the option to generate an MPIN, and follow the instructions provided.

How to Change Your MPIN: Ensuring Security

To enhance the security of your mobile banking transactions, it is advisable to change your MPIN regularly. To change your MPIN, follow these steps:

1. Use your existing MPIN to log into your mobile banking app.
2. Navigate to the settings or profile section of the app.
3. Look for the option to change or reset your MPIN.
4. Enter your old MPIN and the new MPIN you wish to set.
5. Confirm your selection and enter the OTP sent to your registered mobile number to authenticate the change.

Important Points to Remember about MPIN

Here are some important points to keep in mind when it comes to MPIN:

An MPIN is a unique and valuable code that confirms your identity during online transactions. It is essential to keep your MPIN confidential and not share it with anyone.

UPI-enabled transfers can be made using your phone number or a unique virtual payment address called the UPI ID. UPI money transfers are a secure means of funds transfer that eliminates the need to enter details like bank account numbers and IFSC codes.

Some banks and UPI apps may require you to complete a one-time KYC verification process before using UPI services.

How to Transact Using an MPIN: A Step-by-Step Guide

Once you have generated your MPIN, you can use it to authenticate transactions on mobile banking apps and UPI-enabled apps. Here's a step-by-step guide on how to transact using your MPIN:

Log in to the UPI-enabled app that is linked to your bank account
Select "Send Money" or "Transfer"

Enter the UPI ID, and UPI-linked phone number, or scan the QR code of the recipient

After entering the desired transfer amount, select "Confirm" or "Proceed"

On the next screen, you will be prompted to enter your MPIN. Enter the MPIN to validate the payment

Once the MPIN is verified, the transaction will be processed, and you will receive a confirmation message

Conclusion

In conclusion, the MPIN plays a vital role in ensuring the security of mobile banking and UPI transactions. It acts as an authentication code that confirms the identity of the user during financial transactions. By understanding how to generate, change, and use your MPIN, you can enhance the security of your online payments and enjoy the convenience of digital transactions. Remember to keep your MPIN confidential and periodically change it to safeguard your financial information. Embrace the benefits of UPI and mobile banking while staying vigilant about security, and enjoy the seamless experience of digital payments.